If I Worked With Sahil Bloom.
Optimizing referral strategy.
Hey, there!
Shuaib Bandeally here.
Welcome to the #1 issue of “If I worked with”.
Here, I am going to breakdown and optimize Internet businesses.
I am not roasting anyone.
This is just me being me and using my free time to work on exciting projects that I can’t get right now. Hence, “If I worked with”.
The goal is to put more quality ideas out there in the world, and let people who resonate, come find me to avail my services.
You can find me on LinkedIn and Twitter here.
And you can subscribe to get more golden drops below. (That’s why there is a gold texture in the words - “If I worked with” in the top image.)
I won’t drop the subscribe button now, because I want to earn your trust.
Only sub if you like it.
Now, let’s talk about one of my favourite creators and writers - Sahil Bloom.
If Sahil Bloom hired me to optimize his referral strategy. What would I do?
First things first.
He drops great newsletters so subscribe to his newsletter here.
His newsletter monetization strategy is sponsorships.
So a solid referral strategy will play a BIG role.
The difference between a good and a mediocre referral strategy can be 10,000 to 100,000 or more.
Now we know why this is so important.
So let’s get right into the meat of this email.
I want you to read the copy of his email above. (It’s in the image above.)
It says something along the lines of - invite 5 people.
I know absolutely nothing about his backend analytics.
It may be working fine, but if there’s a scenario where it’s not working.
What is it that I can do to help him get more referrals?
A/B testing
Marketers believe in results and data.
So I will try to get more data - did he use any other number except 5 before?
What does the data say?
You need to understand the “highest return principle”
Scenario A -
If 5 people successfully invited 5 people each.
That’s 25 new users in the ecosystem. (5 X 5).
Scenario B -
Instead of 5 - the number is 1.
If 5 people invited 5 people each.
That’s 5 new users in the ecosystem. (5 X 1)
Scenario A is far more better than Scenario B.
But there’s an inbuilt flaw in this type of thinking or should I say there’s another layer to uncover.
We didn’t consider 1 thing.
The reality is often disappointing.
Most people don’t do what they are told to do.
Both on the referral side and accepting (subscribing) the referral side.
If you asked me to send this referral link to 5 people?
My first thought would be - 5 people?
I will have to think for 5 minutes straight just to identify the 5 people in my life so I can send this link to them.
Too much thinking.
You lost me.
Why?
Too much to think?
Life getting in the way?
Too much work already?
Hard to filter 5 people out of so many friends? (specifically those who are in “touch”.)
YES!
How to combat this?
Forget 5.
Forget 4, 3, 2…
Focus on 1.
Why?
Finally, I get to use a concept from my chemistry chapter.
ACTIVATION ENERGY
Google defines this as -
The minimum amount of energy needed to activate or energize molecules or atoms so that they can undergo a chemical reaction or transformation.
We need a “sweet spot” number that our subscriber can easily push through.
Safe to say - 1 is the smallest unit here.
But why not 2, Shuaib?
Might work or might not work.
But let’s not forget there’s no proof of success.
Work —> Reward.
The quicker you can put in the work, and faster you will reap the reward.
The more happy you will be to do more of it.
This is opposite of how scammers operate. (I will make a post on them soon!)
Let’s say a stranger comes to you.
Asks you to do some 5X work for 1 gold coin.
It’s hard to do.
But then he gives you another option.
To do 1X work for 1 gold coin.
Which one would you choose?
As a human, your brain is wired to conserve energy and choose better decisions to protect yourself.
+ there’s no proof of concept/success.
That you will receive the promised offer yet.
So doing 1X work will be a lot easier than 5X.
Which one would you choose?
I know what you’re thinking.
“I don’t believe you, Shuaib! I know a lot of people might not refer 5 people, but the few people that will do - the number would exceed 1 referral offer exponentially.”
Possible.
But I never ignored the refer 5 people offer.
I am not ignoring any number.
I am just fixing the front end of the referral for maximum acquisition.
To activate them.
I am plugging the gaping hole of people dropping off the referral loop.
Got it?
Great!
Now let’s move to the part where we blow the cover off the lid!
The goal is to MAXIMISE the number of referrals exponentially!
One of the oldest quotes is - “Don’t reinvent the wheel”
There’s someone out there who has already done/doing what you’re looking for.
And tadaaa!
Morning Brew and The Hustle already did it.
Here’s a snapshot below!
Is it perfecto?
Yes.
Is there a room for improvement?
Probably.
It’s all about testing, iterating, collecting data, and testing again.
Do I recommend this to Sahil?
Partially. There are shipping costs too with this sort of offer.
So it’s all about how much fuel are we ready to burn to reach the farthest moon. . .
Here is the final iteration I would ask him to test -
Share the curiosity chronicle.
Know friends, family, or colleagues who would benefit from weekly insights on clear thinking, improved decision-making, and stronger habits?
Share the link below to just 1 person or your group chat, if any of them sign up with your code, you’ll get my illustrated e-book Decision Making Razors delivered straight to your inbox.
If 3 people sign up, you’ll get my personalized daily planner template.
If 5 people sign up, you’ll get my personal book recommendations.
If 10 people sign up, you’ll get a short video explaining what I look in startups when I invest in them.
If 15 people sign up, you’ll get my exclusive curiosity hat + a special invitation for a group coaching call that I do once in a few months.
If 30 people sign up, you’ll get a special mention in my newsletter. (you can link your website too.)
Now this is up for review to Sahil.
The offers are really strong.
I like the hat but I won’t send 30 links unless the offer is REALLY good.
Send 30 links for a free shout out to 100k+ people?
Sign me up!
Live experiment -
Knowing I will get a reward even if just 1 signs up, I decided to send the referral link to 1 friend personally and my 3 friend group.
Out of the 3 friends, 1 signed up.
Cool experiment. If this was real, I would be definitely motivated to send more messages.
Now, I need you to read the below 3 things carefully.
I. If you’re looking to work with me. Check my services below to see how I can help you.
I can research, write, edit -
1. eBooks (or any other type of lead magnet)
2. Emails
3. Landing pages
4. CRO - Conversion rate optimization.
I wrote an eBook on how you can build trust with cold prospects through organic or paid channels with a high-value eBook written by me.
Link - https://docs.google.com/document/d/1aA5MR-XyWmgW8RmfChvwznCj8-wVCFMBnK3W7cd6Xes/edit?usp=sharing
I dislike using fake FOMO.
But this is a genuine request.
I work with a handful of clients in a month.
So please DM me on LinkedIn or Twitter.
II. Rewards for sharing this newsletter.
If I don’t build a referral strategy for myself. That would be hilarious.
You know what I am about to do so brace yourself.
If you share this newsletter with at least 1 person or send to any group.
You’ll get a shoutout in my next issue.
If you share this newsletter with at least 3 people.
You’ll get a shoutout in my next issue, LinkedIn and Twitter too.
If you share this newsletter with at least 5 people.
You’ll get a shoutout in my next issue, LinkedIn and Twitter too + A special invitation to my telegram group.
If you share this newsletter with at least 10 people.
You’ll get a shoutout in my next issue + You’ll get a shoutout on LinkedIn and Twitter too + A special invitation to my telegram group + a 1:1 call with me for 30 minutes.
Just share this newsletter. It doesn’t matter if they sign up or not. DM me with the screenshot on LinkedIn or Twitter.
III. I am thinking to start a small paid community of creators. (not limited to just creators).
If you’re looking to skill up (accountability), get a better job/get clients (showing your true value), how to get the good type of attention on social media that builds trust with your audience. You should sign up.
It’s going to be a recurring $50/month. Limited spots so DM me the word “create” on LinkedIn or Twitter.
If you liked this issue, consider subscribing so that you get notified when I drop Issue #2.
Until next time!
Your friend,
Shuaib B.